Stake Super have stopped new account applications.
Their website now has a join waitlist link instead of a join now link.
There is no explanation on the website as to why they have stopped new accounts.
I can't find any articles in the media for the reasons behind this.
Is anyone a stake super account holder, and have you had any communication from them regarding possible changes?
Not sure if they'll be increasing fees as part of this change.
They won't be reducing them.
If they are stating the payments infrastructure then I would imagine it's something to do with their usage of Airwallex. They know this is a weakness of their platform and I noticed recently have changed their T&C to say they get a trailing commission from ANZ's SMSF accounts if you use them.
My guess would be they're moving away from Alirwallex and to ANZ V2 SMSF accounts for all Stake Super member's cash funds, which will likely be a good thing in many ways - pausing new applications whilst they do this makes sense as it's a huge change and will just run risks of financially hurting new applicants who are stuck between super providers - especially given recent market volatility.
This sounds reasonable.
my thoughts exactly. they are using jp morgan as their omnibus accounts now. secondly there was a small FX where they give a FX price and by the time it settled the FX moved, so now its a estimate FX rate. Timing they seem to have lots of bottle necks. so I imagine the wait list is about retention. Its competition is a little bit more in price.
This is a link their Stake Super terms & conditions
https://hellostake.com/au/legal/stake-super-terms-conditions
I've been pretty happy with them, just wish the world stage would calm down
Thanks, I must be blind, but can't see anything in those T&Cs that explains why they have stopped accepting new super account.
I wonder if the changes are also related to payday super? With all super funds having to report payments from their members employer within a specified time frame after the employee is paid. This results in a lot of extra sending of files with all the contributions and also requires stake to be compliant as a smsf.
Possible but less likely an issue for the superfunds, more an issue for the payroll programs.
What did they say when you called THEM for support?
You're obviously not a member. You can't call them.
You need to google better to find a number.
Helpful reply thanks.
Is There Any Reason to Be Concerned?
A month later and applications still blocked.
Yeah not a good sign.
I've read about people having quite a few problems/delays withdrawing from the share broker side, so honestly it reeks a bit of how most companies act just before they go bust..
i recently interacted with them as I wanted to join. Received an email yesterday that says "we're currently making changes to the payments infrastructure that supports Stake Super. While this work is underway, we've temporarily paused new applications".
Doesn't provide a timeframe as such. Not sure if they'll be increasing fees as part of this change.